The prospectors who struck gold in the Yukon (not too many, despite many trying) often squandered what little they had, but, as in California, the smart ones practiced this kind of arbitrage. For example, George Washington Carmack became a legendary figure when he discovered a massive gold lode that made him rich; he added to his fortune through successful real estate and mining investments.
I've always been bad at looking to the future. While I can be good at being frugal to save for the future, I'm not so good at maintaining the savings for the original goal. Like, I can save the money for a house down payment, but I wind up spending it on something else. I've always admired your ability to stick with a plan.
Fascinating! I always thought you had the planning thing down pat, but I bet Celery helped round that out during the early days of M3.
I do think you tend to do a very good job of thinking about potential scenarios in the future, but you've been better at pivoting that I've been. I've historically tended to follow through to a fault.
That said, I'm getting a lot better at this lately, and allowing objectives to change mid-stream is now actually pretty invigorating and... dare I say fun?
Yes, time is variable as well as the things that bring you joy. For example, to invest in something that gave me joy in my twenties might not be the thing that brings me joy in my sixties (e.g. grandchildren) tho’ the joy itself is unchanging. So, from my perspective, change comes before time. Thanks for your post…
The first thing that came to my mind while reading your post was the quote, “When Everybody Is Digging for Gold, It’s Good To Be in the Pick and Shovel Business.”
Thinking about 10-20 years in the future is an excellent idea as it gives you a better perspective of what you need to do to be in a better place. However, it is hard for most people to do it when they hear terms like YOLO and want to enjoy life in the present. For most people, life gets better as you get older if you get your act together. The right strategy is to have some fun in the present so you do not have to wait for 20-30 years and save for the future simultaneously.
I think I found a way to hack your time arbitrage formula.
Sure, I can eat a burger now, but if I wait, I'll be more hungry later, so the perceived value of that same burger actually goes up over time. As such, I'm not only getting a "roughly equal amount of joy" by waiting, I'm getting more value out of the future burger.
It's decided: My next meal will be in January, 2025!
The prospectors who struck gold in the Yukon (not too many, despite many trying) often squandered what little they had, but, as in California, the smart ones practiced this kind of arbitrage. For example, George Washington Carmack became a legendary figure when he discovered a massive gold lode that made him rich; he added to his fortune through successful real estate and mining investments.
I know most people probably already know about the pick-and-shovel millionaires, too, like Levi Strauss.
...whose company and products still exist today.
I've always been bad at looking to the future. While I can be good at being frugal to save for the future, I'm not so good at maintaining the savings for the original goal. Like, I can save the money for a house down payment, but I wind up spending it on something else. I've always admired your ability to stick with a plan.
Fascinating! I always thought you had the planning thing down pat, but I bet Celery helped round that out during the early days of M3.
I do think you tend to do a very good job of thinking about potential scenarios in the future, but you've been better at pivoting that I've been. I've historically tended to follow through to a fault.
That said, I'm getting a lot better at this lately, and allowing objectives to change mid-stream is now actually pretty invigorating and... dare I say fun?
Yes, time is variable as well as the things that bring you joy. For example, to invest in something that gave me joy in my twenties might not be the thing that brings me joy in my sixties (e.g. grandchildren) tho’ the joy itself is unchanging. So, from my perspective, change comes before time. Thanks for your post…
The first thing that came to my mind while reading your post was the quote, “When Everybody Is Digging for Gold, It’s Good To Be in the Pick and Shovel Business.”
Thinking about 10-20 years in the future is an excellent idea as it gives you a better perspective of what you need to do to be in a better place. However, it is hard for most people to do it when they hear terms like YOLO and want to enjoy life in the present. For most people, life gets better as you get older if you get your act together. The right strategy is to have some fun in the present so you do not have to wait for 20-30 years and save for the future simultaneously.
Another one of those acronyms: FOMO.
True
I think I found a way to hack your time arbitrage formula.
Sure, I can eat a burger now, but if I wait, I'll be more hungry later, so the perceived value of that same burger actually goes up over time. As such, I'm not only getting a "roughly equal amount of joy" by waiting, I'm getting more value out of the future burger.
It's decided: My next meal will be in January, 2025!
I see no flaws in this plan.
The key to happiness is not to over-think this plan.
Oh don't you worry. Overthinking has never been a problem I had to worry about.
Bless your heart!